Balmoral Group sells ACE Winches shareholding to former CEO Alfie Cheyne
11 November 2021
Balmoral Group can confirm it has sold its shareholding in ACE Winches to a company led by ACE’s founder and former CEO Alfie Cheyne.
As part of Balmoral’s share purchases in 2017 and 2019 the Cheyne family had an option to buy back Balmoral Group’s investment and the deal confirmed today is in line with this agreement.
Jim Milne, Chairman and Managing Director of Balmoral Group said: "We have enjoyed working with the management and staff of ACE Winches and wish them all the best for the future.”
Alfie Cheyne said: "Balmoral has been incredibly supportive to ACE Winches over the last few years and has positioned the business well for continued growth.
"I look forward to an exciting new chapter ahead in the development of the business.”